TIDMAAU
RNS Number : 0751J
Ariana Resources PLC
19 August 2021
19 August 2021
AIM: AAU
KARAKAVAK DRILLING RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce recent drilling results obtained from the Karakavak
area ("the Project") of the Kiziltepe Sector. Karakavak is part of
the Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint Venture
("JV") with Proccea Construction Co. and Ozaltin Holding A.S. and
is 23.5% owned by Ariana.
Highlights:
-- Drilling results from the Karakavak vein include:
o 3.0m @ 2.40g/t Au + 1.7g/t Ag (incl. 1.0m @ 4.98g/t Au +
2.0g/t Ag)
o 4.6m @ 1.36g/t Au + 2.2g/t Ag (incl. 0.7m @ 3.65g/t Au +
4.0g/t Ag)
o 5.1m @ 1.10g/t Au + 1.4g/t Ag (incl. 1.1m @ 2.27g/t Au +
2.0g/t Ag)
-- Resource estimation and the definition of a JORC Exploration Target is now underway.
Dr. Kerim Sener, Managing Director, commented:
"The Karakavak vein system occurs over a total area of 3.8km(2)
, comprising 3,735m of outcropping veins with only 14% of the veins
having been drill tested so far. These results build on the initial
drilling programme announced in 2017 and have confirmed the
expected geometry of the main vein. Unlike the very steeply dipping
veins at Kiziltepe, the veins at Karakavak appear to be moderately
dipping to the south. This geometry is more favourable for the
development of potential open-pits, especially given the general
southward slope of the topography in this area. A resource estimate
will be completed on the basis of the limited area drill tested to
date, in addition to defining a JORC Exploration Target for certain
prospective vein extensions. This work will help guide further
resource definition work across this important satellite prospect
area."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
Drilling Programme
Following the end of an extensive 6-month drilling programme at
the Kiziltepe Mine, which exceeded 10,000 metres, drilling
continued at Karakavak which is located 10km in a straight-line and
27km by well-maintained asphalt and forestry roads, northeast of
the Kiziltepe Mine (Figure 1 & 2). In June to July, the
exploration team completed a short (approximately 500m) diamond
drilling programme at Karakavak. The primary aim of the programme
was to test certain outcropping veins of which only 8% had been
drill tested previously.
Drilling at Karakavak consisted of 11 diamond drill-holes
totalling 538.2 metres (minimum depth 25m, maximum depth 106m). The
Karakavak vein system was defined from drilling undertaken in 2016
to be gently dipping to the south at approximately 35-45 degrees
and this geometry has now been confirmed. Consequently, all
drilling completed in this programme was undertaken with a 45-60
degree dip to the north (Figure 1). Maximum depth from the surface
to the base of mineralisation is approximately 75m, with a
potential strike length of up to 800m.
http://www.rns-pdf.londonstockexchange.com/rns/0751J_1-2021-8-18.pdf
Figure 1: Karakavak main vein area, showing the collar locations
for the 2021 drilling. The 2021 vein model and exploration target
areas are also shown.
The Karakavak drilling programme is fully summarised in Table 1,
returning results including:
-- KRK-D06-21 (11.0m-14.0m) 3.0m @ 2.40g/t Au + 1.7g/t Ag
o Incl. (11.0m-12.0m) 1.0m @ 4.98g/t Au + 2.0g/t Ag
-- KRK-D04-21 (14.1m-18.7m) 4.6m @ 1.36g/t Au + 2.2g/t Ag
o Incl. (16.4m-17.1m) 0.7m @ 3.65g/t Au + 4.0g/t Ag
-- KRK-D02-21 (12.4m-17.5m) 5.1m @ 1.10g/t Au + 1.4g/t Ag
o Incl. (13.4m-14.5m) 1.1m @ 2.27g/t Au + 2.0g/t Ag
The Karakavak area is considered as a potential low strip-ratio
open-pittable resource capable of feeding into the Kiziltepe Mine
operations (Figure 2). The very low silver values are consistent
with previous drilling and, with higher concentrations of some
other trace elements, indicate that the veins developed at high
levels in the epithermal system. Resource estimation and the
definition of a JORC Exploration Target for Karakavak is now
underway, with potential remaining to discover more steeply dipping
feeder structures.
http://www.rns-pdf.londonstockexchange.com/rns/0751J_1-2021-8-18.pdf
Figure 2: Summary map of the Kiziltepe Sector, showing all key
deposits and prospects. Karakavak, the primary subject of this
announcement, is indicated with a yellow star, and is located
approximately 10km (27km by road) from the Kiziltepe Mine site.
Table 1: Significant intercepts calculated for all 2021 drilling
at Karakavak, using a 0.5g/t Au minimum cut-off and allowing for up
to 2m internal dilution.
Hole ID From (m) To (m) Interval (m) Gold g/t Silver g/t
------------ --------- ------- ------------- --------- -----------
KRK-D01-21 7.0 8.0 1.0 0.88 3.0
------------ --------- ------- ------------- --------- -----------
10.8 12.0 1.2 1.30 1.0
------------ --------- ------- ------------- --------- -----------
KRK-D02-21 12.4 17.5 5.1 1.10 1.4
--------- ------- ------------- --------- -----------
Incl. 13.4 14.5 1.1 2.27 2.0
------------ --------- ------- ------------- --------- -----------
KRK-D03-21 11.8 13.0 1.2 1.78 4.0
------------ --------- ------- ------------- --------- -----------
KRK-D04-21 14.1 18.7 4.6 1.36 2.2
--------- ------- ------------- --------- -----------
Incl. 16.4 17.1 0.7 3.65 4.0
------------ --------- ------- ------------- --------- -----------
KRK-D06-21 11.0 14.0 3.0 2.40 1.7
--------- ------- ------------- --------- -----------
Incl. 11.0 12.0 1.0 4.98 2.0
------------ --------- ------- ------------- --------- -----------
KRK-D08-21 43.6 46.4 2.8 0.65 3.7
------------ --------- ------- ------------- --------- -----------
KRK-D09-21 10.0 11.0 1.0 0.58 4.0
------------ --------- ------- ------------- --------- -----------
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Kiziltepe mine site and analysed at the Kiziltepe Mine Laboratory.
Results are being assessed systematically and are being grouped
according to individual vein systems at the Kiziltepe Sector.
HQ size drill-core samples from the drilling programme at the
Karakavak deposit were cut in half by a diamond saw and sent for
analysis in batches in line with the Company's quality control
procedures. For all the Karakavak drilling, a total of 429 samples
(including 66 QA/QC samples) were submitted to the Kiziltepe Mine
Laboratory. Core recovery for all drilling conducted at Karakavak
during this campaign was 83%, for a total of 318 measurements.
All samples were assayed for gold using a 30g fire assay.
Reviews of the assay results have determined that all Quality
Control and Quality Assurance samples (blanks, standards and
duplicates) passed the quality control checks established by the
company, with duplicate samples showing excellent correlation.
Laboratory sample preparation, assaying procedures and chain of
custody are appropriately controlled. The Company maintains an
archive of half core samples and a photographic record of all cores
for future reference.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
John Prior / Hugh Rich / Atholl
Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 7951 402 336
Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com
Wilkinson
Editors' Note:
The information in this announcement that relates to exploration
results is based on information compiled by Dr. Kerim Sener BSc
(Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr.
Sener is a Fellow of The Geological Society of London and a Member
of The Institute of Materials, Minerals and Mining and has
sufficient experience relevant to the styles of mineralisation and
type of deposit under consideration and to the activity that has
been undertaken to qualify as a Competent Person as defined by the
2012 edition of the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
and under the AIM Rules - Note for Mining and Oil & Gas
Companies. Dr. Sener consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company with an exceptional track-record of creating value for its
shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include
gold production in Turkey and copper-gold exploration and
development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve
Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea
Construction Co. in Turkey which contains a depleted total of c.
2.1 million ounces of gold and other metals (as at July 2020). The
joint venture comprises the Kiziltepe Mine and the Tavsan and
Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and
contains a depleted JORC Measured, Indicated and Inferred Resource
of 227,000 ounces gold and 0.7 million ounces silver (as at April
2020). The mine has been in profitable production since 2017 and is
expected to produce at a rate of c.20,000 ounces of gold per annum
to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of
2.5% on production is being paid to Franco-Nevada Corporation.
The Tavsan Gold Project is located in western Turkey and
contains a JORC Measured, Indicated and Inferred Resource of
253,000 ounces gold and 3.7 million ounces silver (as at June
2020). The project is being progressed through permitting and an
Environmental Impact Assessment, with the intention of developing
the site to become the second joint venture gold mining operation.
A NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern Turkey and
contains a JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as at July 2020). It is located within the
multi-million ounce Artvin Goldfield, which contains the "Hot Gold
Corridor" comprising several significant gold-copper projects
including the 4 million ounce Hot Maden project, which lies 16km to
the south of Salinbas. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Ariana is currently earning-in to 75% of Western Tethyan
Resources Ltd ("WTR"), which operates across Eastern Europe and is
based in Pristina, Republic of Kosovo. The company is targeting its
exploration on major copper-gold deposits across the
porphyry-epithermal transition.
Ariana is also earning-in to 50% of UK-registered Venus Minerals
Ltd ("Venus") and has to date earned into an entitlement to 37.5%.
Venus is focused on the exploration and development of copper-gold
assets in Cyprus which contain a combined JORC Inferred Resource of
9.5Mt @ 0.65% copper (excluding additional gold, silver and
zinc).
Ariana operates its wholly-owned Asgard Metals Fund ("Asgard"),
as part of the Company's proprietary Project Catalyst Strategy. The
Fund will be focused on investments in high-value potential,
discovery-stage mineral exploration companies located across the
Eastern Hemisphere and within easy reach of Ariana's operational
hubs in Australia, Turkey and the UK.
Panmure Gordon (UK) Limited is broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser and
Broker.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"m" Metres;
"oz" Troy ounces;
Ends.
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END
DRLDZGMRFRKGMZM
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